US-based Becovic Management Group plans to invest 13 million euros in Hotel Mediteran

We want investments from the West and the USA. We have huge ambitions for Ulcinj and Montenegro. We want to change Ulcinj, as well as the whole of Montenegro, Deputy Prime Minister Dritan Abazović said at the press conference on the occasion of signing the agreement on investing 13 million euros in the Hotel Mediteran in Ulcinj by the US investor Isa Bećović.

The agreement will be signed today between the Government of Montenegro, "Becovic Management Group Chicago" and HTP "Ulcinjska rivijera. The agreement foresees the investment of 13 million euros in the Hotel Mediteran in Ulcinj. On that occasion, Deputy Prime Minister Dritan Abazović, Minister of Economic Development Jakov Milatović, US investor and CEO of "Becovic Management Group Chicago Isa Bećović, and Executive Director of HTP "Ulcinjska rivijera" Bojan Đakonović held the press conference.

Deputy Prime Minister Abazović pointed out that anyone who wants to do fair business in Montenegro is welcome, and that those who do not respect the rules of the game, laws and the Constitution of Montenegro, will have to give up their rights based on the signed agreement. Abazović pointed out that the ambition is that Ulcinj represents a new tourist value for the whole of Montenegro.

Minister Milatović said that due to different circumstances, the contracting parties decided to start a new process of negotiations regarding the fulfillment of their contractual obligations.

In this regard, the Minister stated, the Buyer sent a Letter of Intent to the Government of Montenegro on 7 September 2021, in which he expressed his intention to make an investment of higher value than that provided by the Agreement and presented a dynamic plan for future investment. 

The Minister added that in order to adequately control the implementation of the Buyer's investment activities, the Government of Montenegro will exercise adequate supervision over the project.

He pointed out that if the investment is not made in accordance with the established dynamics, the Government has the right to unilaterally terminate the Agreement, and to register itself as the owner of the real estate after fulfilling the conditions for termination of the Agreement.

In the event of termination of the Agreement, the Buyer shall return to the Seller the property subject to the Agreement, and the Buyer shall be reimbursed by the Seller an amount corresponding to 80% of the amount invested referred to in Article 2 of this Agreement, reduced by the amount of EUR 1,223,000 in damages due to the bona fide release from the obligation, the Minister explained.

Thanks to the excellent cooperation with Deputy Prime Minister Abazović and Minister Milatović, we managed to overcome all challenges. This is a great message for the community of investors to come to Montenegro, especially to Ulcinj, Bećović said.

Executive Director of HTP "Ulcinjska rivijera" Bojan Đakonović expressed satisfaction with the signing of the agreement.